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ERC tax treatment
Tax Planning and Financial

Adrian_C
Adrian_C
2 Thanks
19 Posts
4 years ago
0

Hi all... I have an existing BTL through Virgin Money with an ERC through to 2023. I have a good amount of equity in the property with an LTV or around 30%. I want to draw down some additional funding to fund a deposit on an additional property, but Virgin have said extra draw down is a remortgage and the ERC will be due (and I assume will trigger a new Product Fee).

I assume others have experienced this and I'm not getting bad advice but is the ~ £2,200 ERC tax deductible, I believe Product Fees are?

Thanks, Adrian

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